Prime Minister Shehbaz Sharif and SFD CEO Sultan Abdulrahman Al-Marshad oversaw the signing of two agreements totaling $1.61 billion, further enhancing economic collaboration between the two nations. The Prime Minister welcomed the Oil Import Financing Facility, which will ensure a steady supply of petroleum products while alleviating immediate financial pressures.
Additionally, both sides signed a concessional loan agreement worth $41 million for the construction of a gravity-flow water scheme in Mansehra, which is expected to benefit around 150,000 residents. Since petroleum imports—mainly from Saudi Arabia—constitute a significant portion of Pakistan’s import bill, this financing arrangement could help Islamabad bolster its foreign reserves ahead of the IMF’s $7 billion bailout review in March.
SFD Delegation Meets PM
After the signing ceremony, the SFD delegation met with Prime Minister Shehbaz Sharif to discuss ongoing projects, including the Mohmand Multi-purpose Hydropower Project, Golan Gol Hydropower Project, and Malakand Regional Development Project, all funded through Saudi grants.
The Prime Minister expressed appreciation for Saudi Arabia’s continued financial support in sectors such as health, energy, infrastructure, education, and post-2022 flood reconstruction. He also emphasized the need to expedite the approval process for new green energy and infrastructure projects proposed to the SFD, which would contribute to Pakistan’s economic recovery and benefit local communities.
SFD’s CEO assured prompt processing of the proposed projects and reiterated Saudi Arabia’s commitment, under its royal leadership, to providing Pakistan with sustained support and financial assistance.
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